Intrinsic value of The9 ADR - NCTY

Previous Close

$0.70

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$0.70

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of NCTY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.29
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
Revenue, $m
  8
  9
  10
  12
  13
  14
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
Variable operating expenses, $m
 
  71
  80
  90
  101
  112
  124
  136
  149
  163
  177
  191
  206
  222
  239
  256
  273
  292
  311
  331
  351
  373
  395
  419
  443
  468
  495
  523
  552
  582
  614
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  51
  71
  80
  90
  101
  112
  124
  136
  149
  163
  177
  191
  206
  222
  239
  256
  273
  292
  311
  331
  351
  373
  395
  419
  443
  468
  495
  523
  552
  582
  614
Operating income, $m
  -43
  -62
  -70
  -79
  -88
  -98
  -108
  -119
  -130
  -142
  -154
  -167
  -180
  -194
  -208
  -223
  -238
  -254
  -271
  -288
  -306
  -325
  -344
  -365
  -386
  -408
  -431
  -455
  -480
  -507
  -534
EBITDA, $m
  -40
  -58
  -66
  -74
  -83
  -92
  -102
  -112
  -123
  -134
  -146
  -158
  -170
  -183
  -196
  -210
  -225
  -240
  -256
  -272
  -289
  -307
  -325
  -345
  -365
  -386
  -408
  -430
  -454
  -479
  -505
Interest expense (income), $m
  0
  2
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
Earnings before tax, $m
  -81
  -63
  -70
  -79
  -88
  -98
  -109
  -120
  -131
  -143
  -156
  -169
  -182
  -196
  -211
  -226
  -242
  -258
  -275
  -293
  -312
  -331
  -351
  -372
  -394
  -416
  -440
  -465
  -491
  -518
  -546
Tax expense, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -98
  -63
  -70
  -79
  -88
  -98
  -109
  -120
  -131
  -143
  -156
  -169
  -182
  -196
  -211
  -226
  -242
  -258
  -275
  -293
  -312
  -331
  -351
  -372
  -394
  -416
  -440
  -465
  -491
  -518
  -546

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  51
  51
  58
  66
  73
  81
  90
  99
  108
  118
  128
  139
  150
  161
  173
  185
  198
  211
  225
  240
  255
  270
  286
  303
  321
  340
  359
  379
  400
  422
  445
Adjusted assets (=assets-cash), $m
  45
  51
  58
  66
  73
  81
  90
  99
  108
  118
  128
  139
  150
  161
  173
  185
  198
  211
  225
  240
  255
  270
  286
  303
  321
  340
  359
  379
  400
  422
  445
Revenue / Adjusted assets
  0.178
  0.176
  0.172
  0.182
  0.178
  0.173
  0.178
  0.182
  0.176
  0.178
  0.180
  0.180
  0.180
  0.180
  0.179
  0.178
  0.177
  0.180
  0.178
  0.179
  0.176
  0.178
  0.178
  0.178
  0.178
  0.176
  0.178
  0.177
  0.178
  0.178
  0.178
Average production assets, $m
  20
  23
  26
  29
  33
  36
  40
  44
  48
  52
  57
  62
  67
  72
  77
  82
  88
  94
  100
  107
  113
  120
  127
  135
  143
  151
  160
  169
  178
  188
  198
Working capital, $m
  -70
  -69
  -78
  -87
  -98
  -109
  -120
  -132
  -144
  -157
  -171
  -185
  -200
  -215
  -231
  -247
  -264
  -282
  -301
  -320
  -340
  -361
  -382
  -405
  -429
  -453
  -479
  -506
  -534
  -563
  -594
Total debt, $m
  49
  -5
  1
  8
  15
  22
  30
  38
  46
  55
  64
  74
  84
  94
  105
  116
  127
  139
  152
  165
  178
  192
  207
  222
  238
  255
  272
  290
  309
  329
  349
Total liabilities, $m
  100
  46
  52
  59
  66
  73
  81
  89
  97
  106
  115
  125
  135
  145
  156
  167
  178
  190
  203
  216
  229
  243
  258
  273
  289
  306
  323
  341
  360
  380
  400
Total equity, $m
  -49
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
Total liabilities and equity, $m
  51
  51
  58
  66
  73
  81
  90
  99
  108
  118
  128
  139
  150
  161
  173
  186
  198
  211
  226
  240
  254
  270
  287
  303
  321
  340
  359
  379
  400
  422
  444
Debt-to-equity ratio
  -1.000
  -0.930
  0.240
  1.220
  2.040
  2.730
  3.330
  3.840
  4.290
  4.680
  5.020
  5.320
  5.590
  5.830
  6.050
  6.250
  6.420
  6.590
  6.740
  6.870
  7.000
  7.110
  7.220
  7.320
  7.410
  7.500
  7.580
  7.650
  7.720
  7.790
  7.850
Adjusted equity ratio
  -1.089
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -98
  -63
  -70
  -79
  -88
  -98
  -109
  -120
  -131
  -143
  -156
  -169
  -182
  -196
  -211
  -226
  -242
  -258
  -275
  -293
  -312
  -331
  -351
  -372
  -394
  -416
  -440
  -465
  -491
  -518
  -546
Depreciation, amort., depletion, $m
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  28
  29
Funds from operations, $m
  -27
  -60
  -66
  -75
  -84
  -93
  -103
  -113
  -124
  -136
  -147
  -160
  -173
  -186
  -200
  -214
  -229
  -245
  -261
  -278
  -295
  -313
  -332
  -352
  -373
  -394
  -417
  -440
  -464
  -490
  -517
Change in working capital, $m
  -1
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
Cash from operations, $m
  -26
  -51
  -57
  -65
  -73
  -82
  -92
  -101
  -112
  -123
  -134
  -146
  -158
  -171
  -184
  -198
  -212
  -227
  -242
  -258
  -275
  -292
  -310
  -329
  -349
  -369
  -391
  -413
  -436
  -461
  -486
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -28
New CAPEX, $m
  -1
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
Cash from investing activities, $m
  -2
  -6
  -6
  -7
  -7
  -9
  -9
  -10
  -10
  -11
  -13
  -13
  -14
  -15
  -16
  -16
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -38
Free cash flow, $m
  -28
  -57
  -63
  -72
  -81
  -91
  -101
  -111
  -122
  -134
  -146
  -159
  -172
  -186
  -200
  -214
  -230
  -246
  -262
  -279
  -297
  -316
  -335
  -356
  -377
  -399
  -422
  -446
  -471
  -497
  -524
Issuance/(repayment) of debt, $m
  19
  -48
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
Issuance/(repurchase) of shares, $m
  0
  117
  70
  80
  89
  99
  110
  121
  132
  144
  157
  170
  183
  198
  212
  227
  243
  260
  277
  295
  313
  332
  353
  373
  395
  418
  442
  467
  493
  520
  548
Cash from financing (excl. dividends), $m  
  28
  69
  76
  87
  96
  106
  118
  129
  140
  153
  166
  180
  193
  208
  223
  238
  255
  272
  289
  308
  326
  346
  368
  388
  411
  435
  459
  485
  512
  540
  569
Total cash flow (excl. dividends), $m
  -1
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
Retained Cash Flow (-), $m
  20
  -117
  -70
  -80
  -89
  -99
  -110
  -121
  -132
  -144
  -157
  -170
  -183
  -198
  -212
  -227
  -243
  -260
  -277
  -295
  -313
  -332
  -353
  -373
  -395
  -418
  -442
  -467
  -493
  -520
  -548
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -105
  -57
  -65
  -74
  -83
  -93
  -103
  -114
  -125
  -137
  -149
  -162
  -175
  -189
  -203
  -218
  -234
  -250
  -266
  -284
  -302
  -321
  -340
  -361
  -382
  -404
  -427
  -452
  -477
  -503
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  -99
  -51
  -54
  -57
  -59
  -60
  -61
  -60
  -59
  -57
  -54
  -51
  -47
  -43
  -39
  -34
  -30
  -25
  -21
  -18
  -14
  -11
  -9
  -7
  -5
  -4
  -2
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  50.0
  3.4
  0.2
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

The9 Limited (The9), formerly GameNow.net Limited is a holding company, which is an online game developer and operator. The Company operates in developing and operating online games and related services segment. It develops and operates the business of Fun Box, a home entertainment set top box, which enables online video and video games on television. It offers online games, including massively multiplayer online role playing games (MMORPGs), massively multiplayer online first-person shooter games (MMOFPSs), Web games, social games, mobile games and television games. It is also engaged in mobile advertising and mobile application education businesses. Its training services relate to smart phone application programming training provided to college students in China. It develops and operates mobile advertising platform, Juzi, under its wireless business unit. The Company's online games include Firefall and Song of Knights. Its game under development includes CrossFire 2.

FINANCIAL RATIOS  of  The9 ADR (NCTY)

Valuation Ratios
P/E Ratio -0.2
Price to Sales 2.1
Price to Book -0.3
Price to Tangible Book
Price to Cash Flow -0.6
Price to Free Cash Flow -0.6
Growth Rates
Sales Growth Rate 14.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity -67.3%
Total Debt to Equity -100%
Interest Coverage 0
Management Effectiveness
Return On Assets -151.9%
Ret/ On Assets - 3 Yr. Avg. -82%
Return On Total Capital 3920%
Ret/ On T. Cap. - 3 Yr. Avg. 871.3%
Return On Equity 251.3%
Return On Equity - 3 Yr. Avg. 312.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 12.5%
Gross Margin - 3 Yr. Avg. -21.2%
EBITDA Margin -975%
EBITDA Margin - 3 Yr. Avg. -597.5%
Operating Margin -537.5%
Oper. Margin - 3 Yr. Avg. -491.9%
Pre-Tax Margin -1012.5%
Pre-Tax Margin - 3 Yr. Avg. -656%
Net Profit Margin -1225%
Net Profit Margin - 3 Yr. Avg. -734.3%
Effective Tax Rate 1.2%
Eff/ Tax Rate - 3 Yr. Avg. 0.4%
Payout Ratio 0%

NCTY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NCTY stock intrinsic value calculation we used $8 million for the last fiscal year's total revenue generated by The9 ADR. The default revenue input number comes from 2016 income statement of The9 ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NCTY stock valuation model: a) initial revenue growth rate of 14.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.9%, whose default value for NCTY is calculated based on our internal credit rating of The9 ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of The9 ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NCTY stock the variable cost ratio is equal to 775%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NCTY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for The9 ADR.

Corporate tax rate of 27% is the nominal tax rate for The9 ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NCTY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NCTY are equal to 250%.

Life of production assets of 6.8 years is the average useful life of capital assets used in The9 ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NCTY is equal to -750%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-49 million for The9 ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 57.229 million for The9 ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of The9 ADR at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
NTES Netease ADR 344.77 2,505.59  str.buy
CYOU Changyou.com A 37.56 44.23  hold
CNTF China TechFait 2.50 6.12  str.buy

COMPANY NEWS

▶ How Should You Think About The9 Limiteds (NCTY) Risks?   [Nov-17-17 09:24AM  Simply Wall St.]
▶ What You Must Know About The9 Limiteds (NCTY) Major Investors   [Oct-20-17 04:36PM  Simply Wall St.]
▶ The9 Limited Announces Potential Private Placements   [Apr-10-17 08:00AM  PR Newswire]
▶ 3 Microcaps With Recent 13-D Activist Investors   [Jan-09-17 03:03PM  GuruFocus.com]
▶ The9 Limited: The Stock That Ignores News?   [Dec-29  03:37PM  Benzinga]
▶ /C O R R E C T I O N -- The9 Limited/   [Mar-30  12:21AM  PR Newswire]
▶ Why The9 (NCTY) Stock Is Gaining Today   [Aug-29  10:12AM  at TheStreet]
▶ Why The9 Limited (NCTY) Is Soaring Today   [Feb-28  04:52PM  Optionetics]
▶ The9 signs term sheet with Oriental Pearl Culture Development   [Oct-21  05:12PM  theflyonthewall.com]
▶ The9's Privatization Outlook - Profits Eyed In Q4   [Jul-17  09:47AM  at Seeking Alpha]
▶ The9 CEO Aims to Buy $5 Million More in Company's Shares   [Apr-29  03:09PM  at Motley Fool]
▶ The9 Updates Status of Buyback Program   [Mar-13  08:20PM  at Motley Fool]
▶ 5 Stocks Trading Below Net Cash - Part III   [Aug-26-12 05:16AM  at Seeking Alpha]
▶ China Stocks Trading Below Net Cash - Part III   [Jul-10-12 08:54AM  at Seeking Alpha]
▶ China Stocks Trading Below Net Cash - Part II   [Jul-06-12 07:04AM  at Seeking Alpha]
▶ Nexon, Electronic Arts Said to Discuss Game, Not Buyout   [May-02-12 08:41PM  at Bloomberg]
▶ DDR Corp. Among 5 Candidates To Reflect On   [Apr-16-12 11:58AM  at Seeking Alpha]
▶ The9 To Enter Licensing Agreement With Russia's Innova Systems   [Apr-10-12 05:54PM  at Seeking Alpha]
▶ The9 To Launch 24/7 Server Operations For Firefall   [Mar-30-12 11:25AM  at Seeking Alpha]
▶ The9 CEO Hints At Upcoming Firefall Licensing Deals   [Mar-29-12 04:34PM  at Seeking Alpha]
Financial statements of NCTY
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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